Don’t get fooled into becoming a money mule
October 25, 2023
With the cost of living remaining high, criminals are taking advantage by offering ways to make quick and easy money.
Recent figures released by FraudSMART reported that over 2,600 money mule accounts were identified in the first half of this year alone. The majority of these accounts belonged to people between the ages of 18 and 24. With the college term back in full swing and the cost of living remaining high, students should be extra vigilant for these scams.
What does a money mule do?
A money mule is a person recruited by criminals to receive illegal money into their bank account and transfer it to other accounts. This money is often used then for more serious offences such as drug or people trafficking which means that money mules face severe consequences if caught.
Ignorance is no defence. Even though you might get scammed into becoming a money mule, you will still be involved in a criminal act and risk exposing yourself to criminal liability.
How a money mule scam works
Scammers typically contact you through your social media channels, online messaging apps or by email. You’ll be directly offered commission in exchange for receiving money into your account and then sending it somewhere else. The method used to move the money will usually be a money transfer service.
Fraudsters will try to convince you that you can make money in a legitimate way. The potential for easy money might make it seem tempting.
Golden Rule
Remember to stop, check and think. Always take a step back if you suspect a scam offer and do not engage. Getting caught up in money muling unintentionally can land you with a criminal record and impact your long-term future even if you’re still a college student.
Protect yourself
It’s important to know what to look out for so you don’t fall victim to a money mule scam.
Here are the most common signs:
- Any unexpected emails or online approaches offering you an easy chance to make money
- Someone you don’t know asking to use your bank account
- Getting asked for your bank account details – never give out your personal information without confirmation that the person contacting you is legitimate.
- A seemingly legitimate job offer – for example, as a money transfer agent
- The ad explains this is necessary to avoid high taxes or transaction fees
Who can you turn to
Contact the Gardaí immediately if you’re worried that someone is trying to scam you into being their money mule. Save screenshots of any suspicious ads or posts you’ve received through your social media channels.
Notify your bank. They can stop any movement of money in or out of your account and secure it.
Get more information about money mules.
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